Posted by anthony gurino on October 09, 2007 at 23:33:39:
if you need financing to cash flow give me a call 352 428 4908 i can help. im curently an investor myself i have been in the same boat as you at the same time i do mortgage loans hopefully we can get you to cashflow on that property
Down Payment-Tampa Duplex - Posted by Raymond
Posted by Raymond on October 02, 2007 at 07:21:54:
I have an opportunity to buy a piece of property in Tampa were the seller would finance the entire amount except for 15%. I would need a down payment of 22,000. Should I get that through hard money or a personal loan? The property makes about 1400 a month and my payment would be about 1,000 a month on the seller financing. Would getting a loan for my down payment put me in the negative? Please HELP!!!
Re: Down Payment-Tampa Duplex - Posted by Rich-CA
Posted by Rich-CA on October 02, 2007 at 17:12:22:
A very safe rule of thumb. If its zero down, it will not cash flow (negative income each month). Zero down is any case where all the money for the purchase is borrowed and has to be paid back. Only exception is if the down payment is a gift.
Re: Down Payment-Tampa Duplex - Posted by brandoncbsre
Posted by brandoncbsre on October 02, 2007 at 07:57:07:
If you really looking for a way to get started have one of your mortgage guys hook you up with a FHA preapproval letter. Find a foreclosed home that you like and want to live in yourself. Do a FHA 203k loan so that you can finance repairs into the mortgage. If you buy right you be able to refi it 6 months to year down the road and pull some cash out or get a HELOC. Which you can use for a DP on an investment. Start building a solid foundation of assets to prove to the banks that you are a good investment for them.
Re: Down Payment-Tampa Duplex - Posted by brandoncbsre
Posted by brandoncbsre on October 02, 2007 at 07:51:15:
Raymond, I see you posted about a duplex several times. Yes the payment will put in negative. $1000 a month to the seller plus taxes, insurance, and other expenses such as vacancy, advertising, repairs, etc. Yes these are real expenses that would probably make it negative without considering the payment on the $22,000. Find another deal. Don’t let your desire to acquire get yourself into deep crap. Meanwhile start socking away money into a money market account or online savings account that you wont be able to get to too easily yet will be there when you find a real deal. Always run the numbers and figure in ALL the costs to owning a property. Good Luck